Chinese solar module manufacturer JinkoSolar Holding Co Ltd announced a decline in third-quarter revenues and earnings, attributed to falling average selling prices despite increased shipments.
The company now projects shipments for 2024 to be between 90 GW and 100 GW, down from a previous forecast of 100 GW to 110 GW. For Q4, JinkoSolar expects shipments to range from 22.3 GW to 32.3 GW, a decrease from 25.9 GW in Q3.
For the July-September period, JinkoSolar reported revenues of CNY 24.51 billion (USD 3.44 billion), a 23% year-over-year decline driven by unfavorable pricing trends. Operating expenses represented 15.4% of total revenues, contributing to a significant drop in net attributable profit, which fell to CNY 22.5 million.
However, this marked an improvement from a loss of CNY 100.7 million in the previous quarter. Adjusted net earnings, excluding specific impacts, stood at CNY 103.9 million.
“While earnings were under pressure across the industry during the quarter, we achieved relatively outstanding results leveraging our leading position in N-type TOPCon technology, competitive products, as well as our global sales and manufacturing networks,” said CEO Xiande Li. He added that the company will “continue to focus on balancing market structure and profit margin levels, while enhancing its assets and liabilities structure.”
Looking ahead, JinkoSolar aims to enhance its asset structure while maintaining a focus on balancing market dynamics and profit margins.
By the end of 2024, the company expects to reach an annual production capacity of 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for solar modules.
